CEO Dr
Significant events July-
- In July,
Minesto announced that the company had achieved further improved power production performance through upgrades and modifications to the DG100 power plant. Furthermore, key aspects of test operations and electricity production with the DG100 system have received third-party verification by DNV in accordance with international standards. Minesto strengthened the company's executive team to gear up the work for commercial roll-out ofMinesto's technology by appointing Elke Rosiers, with extensive experience from the energy industry and from turning new technology to business, as new Chief Marketing Officer.-
In September,
Minesto signed a two-year extension of its power purchase agreement with the electric utility company SEV forMinesto's tidal energy site in Vestmannasund,Faroe Islands . In addition,Minesto announced that a new analysis concludes that Vestmannasund site has merits for expansion to a 4 MW commercial array. Minesto introduced a new range of power plants - the Dragon Class - an upgraded design of the company'sDeep Green technology. With increased performance and decreased manufacturing costs,Dragon Class will be delivered and installed in all ofMinesto's ongoing projects as well as in the build-out of the company's first array project.The Swedish Energy Agency awardedMinesto aSEK 5.8 million grant. The grant co-funds a project through whichMinesto will develop and verify a next generation tether system to facilitate the commercial scale-up of the company's marine energy technology.
The Group in summary 1 January-
- Total operating income amounted to
SEK 31,202 thousand (33,078 thousand) and mainly included capitalised development work. -
Operating loss was
SEK -13,183 thousand (-9,470 thousand). The negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel and consultants. Of the personnel costs,SEK 29,105 thousand (30,069 thousand) has been capitalised as development work. -
At the end of the period, capitalised development costs amounted to
SEK 275,919 thousand (204,486 thousand), in addition to capitalised patent expenses ofSEK 14,077 thousand (13,091 thousand). -
Grants of up to
SEK 15,865 thousand (46,512 thousand) were accrued during the period, of whichSEK 13,856 thousand (43,697 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments ofSEK 14,809 thousand (53,682 thousand) were received from public funding schemes, of whichSEK 14,809 thousand (50,097 thousand) relates to approved claims and the remainder relates to advances. -
Cash flow amounted to
SEK 76,257 thousand (65,743 thousand). At the end of the period, cash and cash equivalents amounted toSEK 181,540 thousand (115,398 thousand). -
At the end of the period, equity amounted to
SEK 543,018 thousand (412,231 thousand) divided into 137,655,143 shares (128,281,555 shares), of which loss for the period wasSEK -9,566 thousand (-9,404 thousand). During the period,SEK 140,144 thousand (108,750 thousand) was added to the company's equity through the exercise of warrants (employee stock options and warrants).
The Interim Management Statement is available on
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https://news.cision.com/minesto-ab/r/interim-management-statement-1-january-30-september-2021,c3436831
https://mb.cision.com/Main/14621/3436831/1484001.pdf
https://news.cision.com/minesto-ab/i/minesto-dragon-class-in-water,c2970202
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